Hello Friends Welcome to Cryptotutorial youtube channel
Today we will talk about Cryptocurrencies and if you want to understand that what is
cryptocurrency When and who cryptocurrency created, What
was the purpose of making and who cryptocurrencies provide
you benefits? so do watch this video till end because today i'm going to talk about
this things. so friends lets start the video.
Friends first we have to understand the term cryptocurrency so the word cryptocurrency
is made up of two words "Crypto" and "Currency"
crypto word is taken from cryptography now what is cryptography? friends cryptography
is a kind of technology on which you can transfer your
data from place to another place very securely. now what is the meaning of securely transfer
so friends securely transfer means that if you relate
this with your real life then suppose if you have one file with some important data and
now you want to send those important data to your friend
and no one else can see those data then what will you
do in this case oviously you protect it with passwords and send to your friend and you
also have to tell the password to your friend then in this
case your friend open file with password and use the data.
So this concept is used in cryptography. so Here your data is transfer from one place
to another place in encrypted form and only that person
can read data for those it sent for to read those encrypted data there is requirement
of a secret key is also known as "decryption key".
Now one question arise in your mind that what is "Encryption" and "Decryption"?
So friends when we convert our data in secret and unreadable codes then this process is
known as Encryption and this unreadable code is only
understandable by machnine and a person who have
decryption key. and decryption is a process in which unreadable codes are converted ito
readable codes and for this process decryption key is required.
so friend this all about crypto meaning now
we comes to currency meaning then in simple term
we can say that currency is only a medium through which we can fulfil our needs and services.
For example suppose you have 100 rs note and
that time you are hungry or you have to go somewhere
then in that case what will you do? you can eat your 100 rs note and finish your hunger
or you can seat on your note and travel from place to another
So friend oviously you are not going to do this kind of work.
If you are hungry then you can purchase food by 100 rs note if you want to go anywhere
then you can purchase ticket from that 100 rs note.
so through this we can understand that currency is only a medium
through which we can fulfil our needs, any requirements etc.
So we can join both terms Crypto and Currency then we understand that cryptocurrency is
a kind of currency through which our transactions complete securely.
So friend this is all about Cryptocurrency.
Now we talk about when and who invent cryptocurrency and what is the purpose of cryptocurrency?
because whenever any invention is done then there is a purpose of inventing that.
So friends Satoshi Nakamoto create a peer to peer transaction system
and he wants that when any transaction is happen
then only those personinvolve to complete that tranction who related to that transaction.
Now one question is arise that what is peer to peer transaction system?
So friends, any kind of system where only those person involve who are related to that.
so this is called peer to peer system and when we use this technology
to complete our transctions then this is called peer to peer transaction system.
now friends we talk about what is the main purpose of cryptocurrency?
so first purpose is that to create a kind of system where only those person are involve who are using it.
Second purpose is that to create a kind of currency which value is almost same in all over the world.
In today's world we can see that
if we have currency of one country
and we visit another country then we have to exhange our currency with their currencies to use it but in
cryptocurrency its price is almost same in all over the world that's why we can also
say it decentralized currency.
Friends third purpose is that in cryptocurrency we can transfer money from one place to
another place very easily and in very less time and transfer fee is also very less.
friends here i am not talking about any particular coin
like bitcoin, ethereum here i m talking only about cryptocurrencies
so friends these are some special purpose for which cryptocurrency is created.
Now here is one big question that we should use cryptocurrenciees or not and if we are using
it then what benefits we get?
so here i m going to tell you 3 points so u can understand the benefits of cryptocurrencies.
So friends first benefit is that cryptocurrency is decentralized currency and here only those person involve who are using it.
So if you are making any transaction here then it complete very securely
because concept of cryptography is used
thats why all transactions are very secure in comparison of any other currency that we often use.
So friend second benefit is that in cryptocurrency if you have any coin which u have stored then
you are free to use it any time and anywhere but in centralized currency like you store
your money in bank account and where your athority found
that any suspisious activity in you account then they
block your bank account in this cases first you have to unlock your bank account then
you are free to use your money
but in case of cryptocurrency if you store your coin in any wallet then you are free to use it anywhere,
where it is allow to use.
So friends third benefit is that in cryptocurrency you can confirm your transaction very fastly
and u can transfer your money from one place to another place very fastly
and transaction fee is also very low.
So friend these are the some important points of cryptocurrency which i tell you in this video
hope your all doubts are clear and now if you have any kind question then
you can comment below i will try to respond you as soon as possible.
for more information you can also visit our website www.cryptotutorials.in for information related to any coin
and you can also find articles of all videos in hindi and english language. by that you can learn easily about cryptocurrencies.
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so friends hope you understand all about cryptocurrency if you wants to know more about cryptocurrency
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So friend will meet in next video with a new intresting topic till then good bye.
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